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China watches big cash transactions to stem capital flight

New rules and digital yuan give Beijing a complete view of monetary activities

A bank employee stacks yuan banknotes in Nantong. China will start requiring banks to keep detailed records of large cash withdrawals.   © Reuters

BEIJING -- China will start tracking large-sum cash transactions to help stem capital outflows as the trade war with the U.S. continues to erode its dollar holdings.

Starting in July, banks in Hebei Province will have to record serial numbers for any personal cash transactions of 100,000 yuan ($14,100) or more and report them to the People's Bank of China.

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